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Steven Madden reaffirms outlook for 2008
05 Aug '08
4 min read
While we continue to experience the effects of the challenging macroeconomic environment, we are beginning to see some renewed momentum in our business. We are experiencing a positive response to our merchandise from both our wholesale customers and consumers, and we are encouraged by emerging footwear trends and the current sell-through of our product."
Arvind Dharia, Chief Financial Officer, commented, "We are pleased with our ability to maintain a strong financial position despite the challenging macroeconomic environment. Our balance sheet continues to demonstrate the Company's strength as we ended the quarter with $46.3 million in cash, cash equivalents, and marketable securities, no debt, and total stockholders' equity of $184.0 million. We remain confident the Company is well positioned for long-term growth."
Company Outlook:
Based on trends to date this year and current visibility, the Company is maintaining its guidance for the full fiscal year. The Company continues to expect 2008 net sales will be flat to an increase of 2% compared to fiscal 2007 and earnings per diluted share will range between $1.55 and $1.65, excluding the previously mentioned impact of the one-time charge recognized in first quarter. Including the impact of the one-time charge, earnings per diluted share are expected to range between $1.39 and $1.49.
Mr. Rosenfeld concluded, "While we are maintaining a conservative approach to managing our business this year due to the challenging retail environment, we are encouraged by our recent performance and believe we are well-positioned as we move into the latter half of fiscal 2008. The Company has a solid foundation for long-term success based on the increasing diversification of our business, the strength of our design team and our strong focus on execution."
Arvind Dharia, Chief Financial Officer, commented, "We are pleased with our ability to maintain a strong financial position despite the challenging macroeconomic environment. Our balance sheet continues to demonstrate the Company's strength as we ended the quarter with $46.3 million in cash, cash equivalents, and marketable securities, no debt, and total stockholders' equity of $184.0 million. We remain confident the Company is well positioned for long-term growth."
Company Outlook:
Based on trends to date this year and current visibility, the Company is maintaining its guidance for the full fiscal year. The Company continues to expect 2008 net sales will be flat to an increase of 2% compared to fiscal 2007 and earnings per diluted share will range between $1.55 and $1.65, excluding the previously mentioned impact of the one-time charge recognized in first quarter. Including the impact of the one-time charge, earnings per diluted share are expected to range between $1.39 and $1.49.
Mr. Rosenfeld concluded, "While we are maintaining a conservative approach to managing our business this year due to the challenging retail environment, we are encouraged by our recent performance and believe we are well-positioned as we move into the latter half of fiscal 2008. The Company has a solid foundation for long-term success based on the increasing diversification of our business, the strength of our design team and our strong focus on execution."
Steven Madden Ltd
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